The SEC and crypto exchange Gemini are seeking a 60-day pause in the legal proceedings over the Earn program.
Request for Case Suspension
On April 1, the SEC and Genesis Global Capital requested a 60-day suspension of the case to attempt to resolve the dispute without court intervention.
History of the Legal Case
The SEC sued Gemini and Genesis in January 2023 for selling unregistered securities through the Gemini Earn program. Genesis has paid a $21 million fine in March 2024, but the case against Gemini is still pending.
New Trends in SEC Policy
Recently, the SEC has eased its enforcement actions, dismissing several lawsuits including those against Coinbase, Ripple, and Kraken. In February, Gemini announced the completion of another SEC investigation.
This case reflects the shift in the SEC's approach to cryptocurrency market regulation, highlighting a trend towards more constructive engagement with companies.
